Developer Credibility Really Counts When You Sell a Timeshare

I’ve been in the timeshare business here in Hawaii for years and I love it.

 Waikiki attracts more repeat visitors than any other island in the world. Quite a number of them have been returning each and every year since the 80’s.

 Years ago I bought a two-bedroom beachfront condo in Waikiki from a well known and well respected timeshare developer. I’ve used it myself, rented it out, and even put up visiting guests in it.

 It’s one of the best investments I’ve ever made.  However, not everybody has been as lucky.

 This is a true but sad story that I just recently learned. A couple that owned a mom & pop timeshare just got burned because of shoddy developer’s neglect.  And this could have been easily prevented.   Here’s what happened to them.

 This couple has been vacationing in Hawaii every year for over twenty years. How they were able to do so with their modest income was because of their timeshare.

 They bought a resort located in the back end of Waikiki, with minimum amenities.  Their ownership type is leasehold – and the lease expires in 2010, so their timeshare will soon cease to exist.  They couldn’t sell it if they wanted to.  But they knew this would happen when they bought it.

 None-the-less, after all these wonderful years visiting, the couple wanted to have a spectacular ending. They doubled up their time by borrowing a week from 2010 and paid up front 2 weeks of their maintenance fees. They planned to celebrate their 50^th anniversary during their final stay at their resort.

 Here’s the neglect by the developer

 Two weeks after confirming their reservation, the bomb drops. They receive a notice that the resort has shut down and is no longer in business.  Their reservation is cancelled and it’s no longer valid.

 Did the developer give them a refund?

 They spent $1400 on maintenance fees to reserve their time. However, they will not see their money because the developer chose not to refund them.

 So they turn to an attorney to seek advice and help.  Unfortunately the legal fees would end up costing as much as the refund.

 So in the end they decide to just let the whole fiasco go and try to put this nightmare behind them.

 What about their plans for their 50^th anniversary visit?

 The good news is they weren’t about to let this bitter experience ruin their 50^th anniversary plans. What they ended up doing was have their friend book them into his beautiful modern timeshare resort that’s located in the newest redevelopment of Waikiki. 

 Matter of fact, as I write this, they are having a wonderful time and savoring all the reasons that always made them want to return in the first place.

 My advice to anyone who has considered selling their timeshare

 Be familiar with your developer and know their past history and reputation. The last thing you want happening when you sell a timeshare is to find out that your developer lacks credibility and is known for their lack of respect. This type of reputation could scare any buyer away from what you are selling.

 Here’s the good news!

 We are in the credibility era where respectable developers now dominate the industry. This is great news because they come with proven track records and they can back it up. There’s nothing better than doing business with a developer that you can trust and there are many that are out there.  Choose wisely and you can enjoy a lifetime of great hassle-free vacations.

 

 

Bonnie

 

 

 

Selling A Timeshare - How to Cut Risks & Increase Profits

Selling a timeshare can be a costly and risky process especially when you're not sure how to go about it. However if you’re willing to apply some time and research, you will find that the outcome of selling a timeshare can be worthwhile ultimately saving you time, money and peace of mind.

The first thing that I recommend is determine if you want to sell it yourself or hire a resell company to help you. Regardless of which one you decide to go with, having as much information about what you own will go a long way to help you sell your timeshare with ease.

 Use the Resources Already Available to You and Sell it Yourself

•  Start by contacting your Home Resort’s Developer, Resort Manager and/or Owners Association. Usually they have communication channels where owners can advertise their timeshare for sell, such as bulletin board, a website to newsletter.
  
•  Advertisers – such as Craigs List, & Ebay or local newspapers will be the least cost to you, since you’re eliminating the middle man.
  
•  Reseller may save you time and give you a peace of mind. However you want to spend sometime researching for reputable resell companies that you can trust working with. The last thing you want happening is to have a risky and costly transaction.
  

 Here are some guidelines that I would use

Licensed resellers – They will help you get better results. They have real estate license and they get paid after the sale is completed. That means they are just as eager as you are about selling your timeshare. They also know the ins and outs of what needs to be done in order to properly execute your transaction, which will give you a  peace of mind.

Lets face it - you want to avoid things like receiving maintenance bill or other miscellaneous matters from the Developer after the sale. So working with a credible reseller does pay off, because they can help you from preventing these minor issues from happening to you.

 What to Look for in a Resell Company

Here are few basic rules when you’re shopping around for Resell Companies to help you selling a timeshare:

• Have a written contract that spells out exactly what the fees and services are going to be offered prior to  paying the resell company. Reputable companies will want to be on the same page with you and want to work together with you to achieve the common goal.
  
• Do a background check on the company that you are considering doing business with, are their fees     reasonable or too high or too low, and what are the customer satisfaction history. You might need to do further check.
  
• Shop around and compare prices and services and then decide which company you will work with.
  

Once you’ve made your decision with the company you’re going to give your business to, then sit back reap the rewards that will follow. You have taken the necessary steps to avoid costly and risky process for selling your timeshare.

 Wish you much success!

 Bonnie